Wong, First Vanguard set up fund

Pair to raise $100 million for films, TV shows

By CLIFFORD COONAN

BEIJING -- Hong Kong producer Raymond Wong has joined with asset manager First Vanguard to launch a $100 million fund to invest in movies and TV for the China market.

Wong, who recently won top kudos at the Hong Kong film awards for his Bruce Lee biopic "Ip Man," will act as adviser to the fund, and will take on an executive producer role in projects, according to a Reuters report.

The fund will seek to take advantage of Hong Kong's special status under the SEPA trade agreement with China, which exempts Chinese-language movies produced by Hong Kong firms from China's import quotas on foreign films.

The fund is the latest sign of growing cooperation between the biz in Hong Kong and the mainland, which represents a huge market for Hong Kong films.

Wong's company Mandarin Films Distribution Co. has been active in pursuing opportunities across the border in Mainland China.

Big names in Hong Kong, like Peter Chan and Daniel Yu, are also involved in cooperation deals with mainland Chinese partners.

First Vanguard runs an Asia-focused private equity fund and a regional real estate fund.